The actuality is people don’t need money. The need what it may possibly buy. We still run on a barter system, now what is bartered is paper currency or coin for items and providers. The only worth forex has ever had it is what you’ll be able to receive of value from trading it. All currencies devalue in time. It has been this manner since the first coins have been minted. SYDNEY – Reserve Bank of Australia Governor Philip Lowe speaks on the Anika Foundation Luncheon, Sydney – 0305 GMT. MANILA – eighth ASEAN Connectivity Symposium. MEXICO CITY – Federal Reserve Bank of Dallas President Robert Kaplan speaks earlier than the Conference on the Federal Reserve and Monetary Policy hosted by the Center for Economic Studies of the Private Sector – 1330 GMT. JOHANNESBURG – South African Finance Minister Malusi Gigaba speaks on radical financial transformation – 1600 GMT.

JAKARTA, Indonesia – The joint International Monetary Fund and Indonesia excessive-degree tax conference (to July 13). HOI AN CITY, Vietnam – 4th APEC Financial Infrastructure Development Network Conference on Financial Infrastructure Reforms. SYDNEY – Alex Heath, Head of Economics Analysis Department at Reserve Bank of Australia, provides speech on the Women in Economics panel at the Australian Conference of Economists, Sydney – 0530 GMT. Financial systems, too, have developed over time, principally in response to demand and authorities regulations imposed following monetary panics.

If I might afford it, I’d be buying gold and silver, and storing it! With the latest information from Cyprus, where there is now a tax on savings over a certain amount, it might not be secure to have all your belongings within the banks or in shares. Hopefully, the Cyprus scenario won’t be repeated in different countries. TUESDAY, AUGUST 15 SYDNEY – Reserve Bank of Australia to release the minutes of its August financial policy meeting. WEDNESDAY, AUGUST 16 BANGKOK – Bank of Thailand financial policy committee assembly.